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Iowa State Bank Review

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by Gabe Rueda Updated July 11, 2019 We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure

Iowa State BankSavings

0.05%APY

SmartAsset's Overall Rating

4.3/5

Rates

3.1

Fees

5.0

Service Quality

4.2

Financial Health

5.0

Key Highlights

Overview

Iowa State Bank first started operating in 1941 with headquarters located in Des Moines, Iowa. Iowa State Bank handles $378 million in assets along with deposits totaling $306 million, making it a small bank. Iowa State Bank lacks premium access to customer service, with no options for live chat or all-day service. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. Overall, Iowa State Bank is a solid pick to be your bank, with a score of 4.3 out of 5 stars from our experts. Iowa State Bank has a varied choice of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Iowa State Bank has a fair savings rate; other popular banks have higher rates. If you're looking for a checking account for everyday use, the bank's most basic checking account does not carry a monthly charge. Institutions that offer free checking, in addition to a high savings APY are your best option for gaining the most income on your deposits while maintaining easy access to your funds.

How We Rated It

SmartAsset's Overall Rating

4.3/5

National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

When a component rating is unavailable, the overall rating is calculated as an average of the remaining available ratings.

Rates

The Rates rating represents an aggregate of interest rates for specific bank products measured against the national average interest rate for each product. Product interest rates may vary by branch. Rates shown reflect the highest available nationwide.

Fees

The Fees rating is an assessment of the bank's fees measured against the national average fee amount for particular services and is also affected by whether or not the bank refunds ATM fees.

Service Quality

The Customer Experience rating is a weighted average of the Mobile Rating and the Consumer Satisfaction Score, which is based on complaints brought to the Consumer Financial Protection Bureau (CFPB).

Financial Health

The Financial Health rating is based on the Texas Ratio, an indicator that warns of credit problems at particular banks: anything less than 5% is considered Excellent; less than 20% is Very Good; less than 50% is Good; less than 90% is Fair; and over 90% is Poor.

Rates

3.1

SmartAsset Average: 3.5

With a savings rate of 0.05%, Iowa State Bank ranks poorly as compared against the national average. Iowa State Bank's one-year and five-year term lengths CDs earn at a rate of 0.70% and 1.40%, respectively, while its highest-yielding money market account has an APY of 0.30%. Given its poor savings rate, you should think about opting for higher earning savings accounts with other banks.

How Iowa State Bank's Savings Rates Compare

Fees

5.0

SmartAsset Average: 4.4

Iowa State Bank has typically extremely low fees compared to the national average. Iowa State Bank's checking account has no monthly fee, rating it excellent for anyone looking for a simple account. Iowa State Bank does not reimburse out-of-network ATM fees, which means you will be required to find an Iowa State Bank ATM or accept the fee.

Service Quality

4.2

SmartAsset Average: 3.7

Iowa State Bank is a brick-and-mortar bank, with five total branches in Iowa. With mobile and web apps, Iowa State Bank makes account access easy, even on the go. It does not provide access to all-day customer service with actual service representatives. You can get help during its customer service hours, which are Monday through Friday and 8:30 a.m. to 4:30 p.m. CT. Iowa State Bank receives high praise from customers for its online presence. With 16 ratings on iOS and Android platforms, the Iowa State Bank mobile app has an overall rating of 4.5 out of 5 (compared to the national average of 3.8). You can utilize Iowa State Bank's app to manage your funds by reviewing monthly statements, transferring money as well as accessing customer service. Iowa State Bank receives a superb consumer satisfaction rating due to relatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Financial Health

5.0

SmartAsset Average: 4.8

Iowa State Bank is a small bank with assets totaling $378 million and $306 million in deposits. Iowa State Bank has an excellent Texas Ratio of 0.24%, signifying that the bank is in superb financial shape and improbable to fail. Additionally, Iowa State Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

0.24%

High Risk75%50%20%10%Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

Iowa State Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with many options to manage your money. Iowa State Bank does not have the best savings rate, which means you should consider other options for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Iowa State Bank's CD rates are fair in comparison to the average U.S. bank.